If we seek to transform the Michigan economy, it’s time to change how we award college scholarships, argues Small Business Association of Michigan Vice President Mark Clevey.
Those most deserving are not quarterbacks and point guards, Clevey argues. He favors free rides for budding entrepreneurs who won’t provide many SportsCenter highlights but are most likely to provide big-time returns in the economy…
Scholarships for Entrepreneur Majors NOW!
By Mark H. Clevey, MPA
Vice President for Entrepreneurship
Small Business Association of Michigan
If scholarships are investments in the future, than why do we give scholarships to sports figures but not students enrolled in accredited entrepreneur degree programs? Think about it! Both have unusual natural abilities that can be nurtured and developed. Both continuously redefine our understanding of excellence and boundaries. Both have a deep and abiding faith in the power of hard work and fair play and a distinct distaste for advantage gained from corner cutting. Both require a special combination of individuality, teamwork and leadership.
The main difference, as far as I can see, is this: entrepreneurs provide a return on investment by creating a future that benefits both them and us (i.e., economic prosperity, job creation, innovation, community development, social progress, national/environmental/energy security and reinforcement of the American Dream). Sports figures, on the other hand, are deployed as instruments of communal entertainment in order to advertise consumer products.
Research shows that as a group, graduates from entrepreneurship degree programs have a greater economic development impact than any other discipline. Closer to home, the “Michigan 50 Companies to Watch” program found that, in 2006, just 50 Michigan second stage entrepreneurs generated $500 Million in total sales, 29 percent annual employee increase and 56 percent annual sales growth. Even more importantly 96 percent of their assets were located in communities all across Michigan! It appears that the U.S. SBA reference to entrepreneurs as the “heart” of Michigan’s economy is spot on!
This brings me back to my main point. We should be doing everything we can to accelerate entrepreneurship as a way to rebuild our faltering state economy. Mostly, we should be directing our precious seed-corn dollars to fostering robust entrepreneurship in our local communities. Entrepreneurship education offers just such an opportunity.
Education is one of our state’s most highly rated strategic assets. A recent report by the Michigan Entrepreneurship Education Network clearly demonstrates that colleges and universities have the capability to redeploy/expand their entrepreneurship offering. Eighty-two percent of Michigan’s seventy-one institutions of higher education currently have some entrepreneurial offerings. Bachelor’s majors in entrepreneurship are offered by eight institutions with the largest number of degrees graduated annually from Central Michigan University (the state’s leader in entrepreneurial education). Graduate level entrepreneurship degree options will soon be available from CMU as well.
Entrepreneurship education offers communities a way to nurture their “sense of community” by capitalizing on Michigan’s education asset. I challenge local community groups and others to seriously rethink their scholarship programs and to give priority to students enrolled in accredited entrepreneurship degree programs. I love a good sports event just as much as the next person. But honestly, shouldn’t we roll-up our sleeves and help entrepreneurs fix our future first and worry about how to entertain ourselves later? Indeed, if you want competition, try business plan competition – that’s where the real action really is anyway.
Business Plan Rose Bowl anyone?
5 Comments
Brilliant idea, Mark! You will really be pushing the culture uphill, but it is worth every bit of energy. The Generation E Institute is preparing the minds of youth K-12 to be the recipients of those scholarships and fuel the fires that will turn Michigan and the country into E-America–a nation of entrepreneurs.
Don Mercer
Great idea – In fact, I have been pushing this concept on the inside of U of MI. I am the director of the Center for Entrepreneurship. After having done sports for many years of my life, I understand the tremendous analogies between athletes and entrepreneurial athletes. There are many things we are doing right now (see, http://www.engin.umich.edu/mpowered/). But, I would like to figure out how to give this idea legs. Keep me in the loop.
Dale Westrick
Thanks for the artical Mark. I am retired for but still working and still enjoy problem solving situations. I have a considerable amount of life skills and would welcome the opportunity to work with younger people.I know there are many things that could improve our states ecomony but it will require all age groups working togeather to accomplish the task.
Good Luck
So you would give scholarships to any individual that enters an entrepreneurship progam at any university? Scholarships to athletes are given to high school students that have proven themselves in high school.
Whle a good thought not sure how workable. Possibly for individuals that wish to go to grad school a scholarship could be given.
Wait a minute;wait a minute! Have you read “The Illusions of Entrepreneurship” by Scott A. Shane yet? I’m an Entrepreneur by difinition but Shane has some hard data that “E” is not all thats’ it cracked up to be. Much of what we know for sure about “E” is urban myth!
A must read…